Health Savings Account

A health savings account can help both you and your employees offset the high cost of healthcare. It also has tax advantages. You’re welcome!

A Health Savings Account is designed for businesses that offer an HSA-qualified high deductible health plan (HDHP). An HSA is a tax-exempt account that can only be used to pay qualified medical expenses.

Tiered interest rates based on collected balances give the employee the ability to earn additional income

HSA funds are easily accessible with HSA checks or debit cards

Complimentary first order of HSA checks

Monthly statements with check images

Access account through First Citizens online banking and First Connection telephone banking

Tax advantages include:

Tax deductions for HSA contributions for employees

HSA earnings excluded from taxable income for employees

Tax-free withdrawals for qualified medical expenses for employees

Accumulated interest is tax-free or tax-deferred

All contributions made by employers are exempt from payroll taxes but are subject to W-2 reporting

Minimum opening deposit $100

Low monthly fee of $3

Interest earned on daily collected balances

Certain federal guidelines must be met to qualify for this account. Federal tax benefits are determined by IRS rules. Check with your tax advisor for state rules regarding HSAs.

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